ADNOC continues transformation with shares listing

The information of stocks that lost in prices are displayed on an electronic board inside the Australian Securities Exchange, operated by ASX Ltd., in Sydney, Australia, on Friday, July 24, 2015. The Australian dollar slumped last week as a gauge of Chinese manufacturing unexpectedly contracted, aggravating the impact of declines in copper and iron ore prices. Photographer: Brendon Thorne/Bloomberg

Abu Dhabi National Oil Company for Distribution PJSC (ADNOC Distribution) successfully listed its shares on the Abu Dhabi Securities Exchange (ADX) today following a bell ringing ceremony led by His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC chief executive and His Excellency Hamad Al Shamsi, chairman of the ADX.

ADNOC Distribution is now trading on the ADX under the symbol ADNOCDIST.

The IPO of ADNOC Distribution was officially launched on November 13th 2017, and forms part of ADNOC’s strategy to more pro-actively manage its business assets and capital.

H.E. Dr Al Jaber said: “As we accelerate the transformation of ADNOC to drive value, growth and returns across our business, we are also undertaking a number of important, strategic transactions that are unprecedented in ADNOC’s history. Transactions, such as this IPO, will allow ADNOC to better manage our capital and portfolio of assets, and expand our range of new and existing partnerships – from the Upstream to the Downstream. The IPO also supports the reinvigoration of the ADX, and will be a catalyst for further growth and development of the UAE capital markets.”

“We were extremely pleased with the demand for this landmark IPO. We received substantial interest from the international investment community, as well as an overwhelming response from investors in the UAE. We now look forward to delivering the business and growth objectives of ADNOC Distribution, as well as the long term, sustainable returns and benefits to our new investors and the UAE.”

The shares of ADNOC Distribution were priced at AED 2.50 per share on December 8th 2017, giving the company a market capitalization of approximately AED 31.3 billion at the time of listing. The final investor allocations were approximately 90% for qualified investors (split 60% local and 30% international) and 10% for individual and other investors.

The IPO represents the first international offering on the ADX and the largest IPO on the ADX in the last 10 years.

H.E. Hamad Abdulla Al Shamsi, Chairman of ADX added: “The ADNOC Distribution IPO has attracted a large number of investors, which is a testament to the strong confidence in the quality and diversity of investment opportunities offered by ADX, and its ability to achieve sustainable growth. The IPO is also characterized by principles of efficiency and transparency, two key-elements on which ADX was established, and on which it accordingly operates. Adding ADNOC Distribution to the number of listed companies on ADX underscores the confidence in Abu Dhabi’s economy and the local financial market. Listing here acknowledges ADX’s advanced infrastructure, designed to meet the highest international standards for securities and equity trading, and its advanced legal framework characterized by fairness in transparency and disclosure.”